In raising cash, Square heads for $6B valuation: Sources [CNBC]

A new Square round

"Another hurdle for Square is a fierce set of competitors. PayPal, Google and Amazon are all deep-pocketed rivals that are vying for a bigger piece of the payments pie. Meanwhile, popular services like Uber and Airbnb bake the payment process into their apps, eliminating the need for Square in some areas where online and mobile commerce is growing the fastest.

For now, Square is showing it can cash in on its momentum. As long as the funding floodgates are open, there's plenty of investor demand to fund its growth while Square claws toward a profit, which it expects to hit by mid-2015."

In raising cash, Square heads for $6B valuation: Sources